In the early 1900’s, the United States’ economy was dominated by monopolies. Theodore Roosevelt, the president at that time, earned the nickname “trust buster”; he made it his mission to prosecute the monopolies of the time; implementing the “square deal”. Theodore Roosevelt went after the Northern Securities Company, formed by J.P. Morgan, J. Hill, and E.H. Harriman.
In an era of technological advances and milestones, the formation of new monopolies is a new reality. Very few could have foreseen the enormous success and power, big tech companies would gain. Once startups, these important companies are setting the tone for the global economy. Companies such as Google and Amazon have raised much concern. Are these big tech companies the new
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The giant pharmaceutical company Bayer purchased Monsanto. With the merging of these companies, Bayer now controls over a quarter of all seeds and pesticides in the world. With several agriculture companies merging, this leaves farms with fewer options for where they decide to purchase pesticides, seeds, and fertilizers. These quick merging of powers threaten food prices and food security. The airline industry has also seen the organic formation of monopolies. Due to the difficulty of entering the airline industry, there is very little competition. The lack of competition has enabled airlines to raise prices, and offer poor service. Another example of modern-day monopiles is in the drugstore industry. this industry is led by CVS and Walgreens. With more and more monopiles forming, consumers are left with fewer and fewer choices. Are we falling victims to these monopolies? Elizabeth Warren, a U.S. senator for the state of Massachusetts, has made it no secret her disdain for big banks, and corporations cheating the American people. In the past, the senator has called out the U.S. largest internet provider,